What Makes a Trust Irrevocable?
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What Makes a Trust Irrevocable?

Isn’t irrevocable trust? That’s
a question. I’m gonna answer for you today on Ohio Estate and
Probate Q. And A This is a show where I answer questions that you
have involving the estate planning and probate process here
in Ohio. If you have questions about estate planning
and probate, you can go to Dever Law dot com slash meeting
and schedule a time to talk. That’s Dever Law dot com slash
meeting and schedule a time to talk over the phone or in person
to discuss your estate planning and probate needs now irrevocable
trust or if you wanna be sneaky. And irrevocable
trust is a tru st that you create, which as its name suggests,
is irrevocable or irrevocable or something that you
can’t revoke or undo. it is also a trust that you can’t amend
or change and essentially what you do when you create an irrevocable
trust is that you name somebody who’s going to be
the trustee and you give them a bunch of rules to follow when it
comes to giving assets to beneficiary. So where people. Want
to receive assets that you eventually put into the trust but
in order to do this, you have to put assets in the trust for this
to happen or fund the trust. so you can fund the trust
with your personal effects. your household goods your items
you can even you know assign accounts to be parts of irrevocable
trust, But the important thing to keep in mind is that you
can’t really undo it. There’s no undo button. It’s. As a completed
gift, when you give it from you know from your account
into the trust account. So when it comes to this, you wanna make
sure that when you are funding this trust, it’s something that
you want to have happen in the the rules that you’re providing
are rules that you really want to have followed through when it
comes to these situations, oftentimes irrevocable trust or
created in order to plan ahead of time for issues whether you’re
planning ahead of time for. Matters in terms of Medicaid qualification
whether you’re planning ahead to you know maybe
shield issues from potential future creditors in case something
were to go arrive often times you know, maybe people just
wanna create irrevocable trust in order to leave legacies
for loved ones. there are some types of irrevocable trust called
life Irrevocable Life insurance trust that help kinda
out and spread out the Of life insurance policies If that’s something
that you want to you know have happen when it comes to
your loved ones in any of these circumstances. It’s very important
to figure out whether or not in irrevocable trust works
for you and works for your estate plan and oftentimes it’s
important to talk to an estate planning attorney to get those answers.
you may not necessarily need one. you might need one you
know later on or you may never need one and based on those you
know those. You wanna make sure that you have an estate plan that
works for you and not against you. So if you have questions about
us creating an estate plan. if you have questions about revocable
trust or irrevocable trust or, however, you wanna call
them. let me know I’d be happy to answer them for you. You
can go to Denver Law dot com slash meeting and schedule a time
to talk. If you have questions about trust estates estate
planning, I’d be happy to answer them for you and until next
time I look forward to talking to you again on another
episode of. Iowa State and probate Q, and A.

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